Solar Simulator Market projected to grow at a CAGR of 7.22% during the forecast period to reach US$8.891 billion in 2023
The recent study on the solar simulator market covers an in-depth analysis of the market on the basis of type, light source, application, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. According to the report titled “Solar Simulator Market”, the market is expected to increase from US$5.851 billion in 2017 to US$8.891 billion by 2023, at a CAGR of 7.22% during the projected period.
The report has segmented the solar simulator market by type (Pulse Simulator, Flash Simulator, Continuous Simulator), by light source (Quartz Tungsten Halogen Lamps (QHT), Metal Halide Arc Lamps (HMI), Light Emitting Diodes (LED), Xenon Arc Lamps, Others), by application (Medical Research, Solar Cell Testing and Research, Artificial Environment Testing, Others) and by geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific). Solar simulators are devices designed to mimic the illumination output of the sun. The purpose of a solar simulator is for research and testing of various products in different industries such as solar cells, plastics and materials, sunscreens and skin cells, as they provide a wide range of testing environments and prolonged stable testing conditions.
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Xenon Arc Lamp Light Source will hold a significant share during the forecast period.
Xenon Arc Lamps are the most common type of light source used in the solar simulator. This is mainly attributed to xenon arc lamp’s closeness to the ideal light point source. Furthermore, these light bulbs are comparatively continuous and have a uniform spectrum providing the best possible outcome. The demand for solar simulators with xenon arc lamps will also increase owing to their increasing use of energy and power, medical and chemical industries due to the requirement of long and even output.
The increasing use of Solar Cells will boost the demand for solar simulators
There is a growing prevalence of movement to renewable energy, and solar energy holds a substantial share in that movement. This has led to an increasing demand for higher quality solar energy solutions and better solar cells, which in turn has led to growth in the demand for solar simulators. Solar simulators form a key part in the testing and development of solar cells, as they provide controlled light output to test the efficiency and longevity of photovoltaic cells.
North America holds a noteworthy share in the market
The share is mainly attributable to the increased investment in solar energy in the region. According to the Solar Energy Industries Association, the solar industry generated US$17 billion investment in the American economy. Additionally, the demand for solar simulators in the region is also due to the increased expenditure in the fields of aerospace and healthcare, which utilize these simulators for the creation of an artificial environment for testing purposes.
Some of the major players discussed in the reports are Newport Corporation, Spire Solar, LLC, Solar Light Company, Abet Technologies, Inc., and Sciencetech, Inc., among others.
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